https://www.taxtmi.com/caselaws?id=333912 The High Court dismissed the appeal in a case involving undisclosed income during a search under Section 132. The Tribunal confirmed the deletion of unexplained investments in a residential house and undisclosed shares found at the assessee's residence. The Court held that once the Voluntary Disclosure of Income Scheme (VDIS) was accepted as genuine, the income could not be taxed again, in line with a Karnataka High Court decision. The VDIS acceptance by both the assessee and the company led to the ruling in favor of the assessee, emphasizing the legal implications of taxing disclosed income multiple times. en-us Mon, 24 Oct 2016 00:00:00 +0530 Tue, 31 Jan 2017 18:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=333912 The High Court dismissed the appeal in a case involving undisclosed income during a search under Section 132. The Tribunal confirmed the deletion of unexplained investments in a residential house and undisclosed shares found at the assessee's residence. The Court held that once the Voluntary Disclosure of Income Scheme (VDIS) was accepted as genuine, the income could not be taxed again, in line with a Karnataka High Court decision. The VDIS acceptance by both the assessee and the company led to the ruling in favor of the assessee, emphasizing the legal implications of taxing disclosed income multiple times. Case-Laws Income Tax Mon, 24 Oct 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=333912